Evening star. [volume] (Washington, D.C.) 1854-1972, 1887-09-05
Baltimore Talk About the Deal.


FLOATING INDEBTEDNESS.
Baltimore paper says: ut is pretty well known
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floating Indebtedness which fell due that day. 1t
Vii! remain for the board OF directors OF the COM
paiy 10 confirm the contract, and Jney VIII meet
shortly. AS there are no reports OF 4 transfer Of
common stock TO the syndicate, the exact terms
upon which they are TO have a representation in
the board Of directors not known outside. 1t Is
quite practicable for the syndicate to enforce the
provisions OF contract that VIII be legally bind
Ing, and in that way shape the future policy OF the
company. \ requirement to maintain equal rates
with the PENNSYLVANIA to abandon for oil time
the extension OF the line beyond Philadelphia, ana
TO give the Pennsylvania and perhaps otEer roads,
an entrance 10 Staten Island for freight traffic,
Would be changing and shaping the policy OF the
company as absolutely as any board OF directors OF
its own ever could.
The consolidated 55 of which the syndicate are
TO take $1,000, Oo0 are in the nature OF blanket
mortgage TO cover the other in0rjg cages as they
tune AID 10 provide for the sinking funds. The
preferred stock Is In effect a q per cent. fixed
charge, and the consolidated IS ana the preferred
stock OF course CONE in ahead or the common stock.
The outstanding 100000 OF preferred stock has
been held at large premium, and the East Side
Schuylklu %, the staten Island Rapid Transit Us,
and the trust as, that We're Iloated only a few
deals startled the financial word brought pre-
MUM. The syndicate Will no doubt make money
out of the transaction. IL is not stated whether
they propose 10 place the new loans The market,
but that Is expected 10 be the case.
NEW PRESIDENT.
The Baltimore and Ohio people are interested in
the talk about new president for the company.
Mr.. john King, jr, OF the Erie, is the most ponu-
lar OF the gentlemen who are named in connection
with the place. Mr. A. j. CasSatt q Northern
Central director. Is another Name often discussed
and Ii Is not intended TO be to the docrtdt OF that
genIlenaES capacities that he is not looked u.,on
as a strong man for The present emergency One
ot his close Baltimore friends said on Saturday
lhat " Dir. C2Ssatt Is Il millionaire who owns race
horses, and he has positively said lie viii not
again return To active railroad work. Vice Presi-
dent Spencer, OF the Baltimore and Ohio Is
wei liked by the directors OF his COMPANY
and they say he has not been proptrly
recognized in the ardu0us WORK he has done in
The midst or the most sensational surroundings.
railway authority, not allied with tire Bati-
more and OHIO, says: ''Mr. Spencer Is good rail
way manager UP TO certain point, and consider
ing the condition OF his road, both financial and
physical, he has accomplished as much as any
railroad manager could He stands well with the
railroad men and railway operators" IL Is UNDER
stood that, whoever becomes the presidents he will
be chosen because OF his ability to maj age the
property. The financial affairs Will be In the
htidS OF men interested In It's ownership, who VIII
relieve tue president OF responsibilities OF that
nature. With tie retirement OF Mr. Garrett the
last OF the great railway stockholders will diSap-
pear from among the list OF Railway presidents
Nearly all OF the presidents OF to-day are the ser.
wants OF the companies they serve. The railway
combine" Is dioplacing the railway magnate.